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How SARS can help you with your credit checks

by , 22 September 2016
So, you're about to sign on a new customer, who'll bring you an average of R50 000 a month in business. But they're asking for credit. Do you just grant it and hope they're good for the money?

Can you take that risk? What if you sign a credit agreement and they never pay up?

Thanks to SARS' new tax compliance status (TCS) service on eFiling, you can credit vet them for free.

Keep reading to find out how...

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How to make yourself invisible to SARS

The key to reducing how much tax you pay is staying off SARS' radar.

SARS has conducted R1.8 million audits. It's added 100s of new tax collectors and auditors to its payroll and each one has his own collection targets to meet. This means two things:
  1. If you're not compliant, your chances of an audit this year have just doubled, and
  2. You will pay more in penalties.
But there's 139 perfectly legal ways for you to reduce your risk. Here's how…


How to use the new TCS service to credit vet your potential customers

Before you start, ask your potential customer to send you their income tax number and tax clearance certificate number or PIN so you can use the new TCS service to check their compliance status with SARS.

This will show if they have any outstanding taxes with SARS. If they do, chances are they aren't good for the money.

Here's how to check their status…


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Every South African tax law explained by our experts

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  • All the definitions and legal regulations, useful advice, exceptions to the rules that help you slip through the legislative jungle of taxes.

  • Case studies and practical examples that show you what elements you should consider for your taxes to be perfect.

  • Red flags you need to watch out for and the penalties you'll face if you don't respect them.

  • Sample templates at your disposal, ready to be filled in, customised and printed.

Click here for more details


How to check your potential customer's tax status on eFiling in six steps

Step #1: On eFiling, go to 'Tax Status'.

You'll see 'Activation' under the verifications heading. Click Activation.
Step #2: Click on the tick box, and then the Activate button.

This will activate this service, and the list of links on the left of the page will now show a few more options for you to select from.
Step #3: You can chose either, 'Activation', 'New Verification Request' or 'Status Verification History'.

Step #4: To check up on the compliance status of your customer, click the New Verification Request link.

Step #5: Put in their income tax number, and then enter the TCC or the PIN number. You don't have to insert both. Type out the security code given, then click on the Continue button.

The next page is a quick confirmation that the TCC or PIN actually belongs to your customer. Double-check these details. If they don't correspond to the name and details of the taxpayer who gave you the TCC or PIN, then follow up with them and ask for a new TCC or PIN number. Or, if they become evasive, report the matter to SARS. They might be trying to commit fraud using a doctored TCC. If you're happy with the information, click the Continue button.

Step #6: This next page is important. It's a live check to see their status again. Make sure you click on the 'refresh' link to update the status on representation of the taxpayer's compliance status at SARS.

This is just one of the great features of the tax compliance system.
One of the other great features of this system is getting your TCC quickly and easily. We show you how in five easy steps in the Practical Tax Loose Leaf.
This system also reports your tax status in real time. This means, if you have any outstanding tax debts, or you're non-compliant in a specific area of tax, SARS will let you know where you've gone wrong, so you can fix it and avoid thousands in wasteful penalties and interest. The Practical Tax Loose Leaf shows you the four areas you need to comply with so you're compliant and can get your tax clearance certificate.
If you don't have a copy of the Practical Tax Loose, click here to orders yours now.

P.S. I've found a letter SARS doesn't want you to see. Have you seen it yet? There are 139 reasons SARS doesn't want you to. But only one reason I do. This letter will change your life and will keep you off SARS' radar. SARS can't risk you getting your hands on it. They'll lose out on millions if you do. All you have to do, is click here

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